From correspondents in Maharashtra, India, 06:01 PM IST

The state-owned Bank of India (BoI) will raise $1.84 billion (Rs.73.6 billion) from bonds to meet its capital requirement and credit growth, it said Friday.

In a regulatory statement, BoI said it would raise tier-I and tier-II capital through the issuance of innovative perpetual debt instruments (IPDI), preference shares, tier-II bonds and upper tier-II capital bond.

The statement said the procedure would be completed in 'appropriate time'.

BoI chairman and managing director T.S. Narayanasami was unavailable for comment.

The board has already sanctioned the raising of tier-I and tier-II capital, the statement added.

BoI shares closed at Rs.256.75 on the bourses, an increase of 5.38 percent from Thursday's closing of Rs.243.65.

(Staff Writer, © IANS)